Cairn Energy trims stake in Cairn India
Edinburgh-based oil and gas giant Cairn Energy has sold a 3.5 per cent interest in Cairn India, the group announced on Friday.
Edinburgh-based oil and gas giant Cairn Energy has sold a 3.5 per cent interest in Cairn India, the group announced on Friday.
Cairn said that shareholders authorised the board at its general meeting in May to dispose of all or part of its residual interest in its Indian oil subsidiary.
It has completed an on-market sale of 67m shares in the division for a consideration of $360m "which will be used to help fund Cairn's stated strategy and provide greater operational flexibility."
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
According to market reports, the proceeds will be used to support Cairn's recent spate of acquisitions.
Following the transaction, the group retains an 18.3% shareholding in Cairn India.
BC
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
How to achieve a secure retirement, as more retirees admit to struggling with debt
Twenty-six percent of retirees now have unsecured debt – a sharp rise compared to two years ago – with many underestimating how much a typical retirement costs
-
The key October self-assessment tax return deadlines to remember so you can avoid a shock bill
There are two important dates for self-assessment taxpayers to remember in October